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Cat Re survey
Part two: UK and Europe
Online Published Date:
01 November 2003
Appeared in issue:
0147 - 01 November 2003
GIO hid hurricane losses in 1998 says AISC
The attack by Hurricane Georges in the Gulf of Mexico in September 1998, which caused $1.5bn in damages, had such an impact on Australian reinsurer GIO that it entered into a sham agreement to cover up the costs, claimed the Australian Securities..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Catastrophe
Rain hurts Japan most
Online Published Date:
01 November 2003
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0147 - 01 November 2003
CNA quits assumed reinsurance
Chicago-based insurer CNA is leaving the assumed reinsurance market, selling its assumed reinsurance business to New York-based Folksamerica Reinsurance Co, a unit of Bermuda-domiciled reinsurance group White Mountains.
Folksamerica will also buy..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Aspen goes for IPO
Bermuda-based Aspen Insurance is looking to raise up to $209mn through an initial public offering of 9.5mn ordinary shares at a price of between $20 and $22 a share. The offer is being lead-underwritten by Credit Suisse First Boston and Goldman..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Reserve strengthening hits White Mountains
Bermuda-based White Mountains saw its third-quarter net profit drop to $38mn from $82mn for the same period last year as a result of reserve strengthening and losses on its bond portfolio. But operating profit performed well. Earned insurance and..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Everest Re net income up 73%
Bermudian reinsurer Everest Re Group Ltd has posted third-quarter after-tax operating income of $126.2mn, up from $66.5mn compared with the same period last year. Net income was $100.3mn, up from $61.3mn.
Third-quarter gross premiums were $1.24bn,..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
PartnerRe expects to beat previous guidance
Bermuda-based PartnerRe has reported third-quarter net operating earnings of $94.7mn, compared with a net operating loss of $28.2mn for the same period last year, when the company took a $120mn hit as a result of floods in central Europe.
The..
Online Published Date:
01 November 2003
Appeared in issue:
0147 - 01 November 2003
Arch profits continue to bloom
Bermuda-based insurance and reinsurance group Arch saw nine-month net income rise to $196.9mn, compared with $15.5mn for the first nine months of 2002. Net premiums rose to $2.11bn from $822.4mn. After-tax operating income for the first nine months..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
IPCRe says catastrophes boosted profile
The relatively large number of catastrophes in the third quarter—Typhoon Maemi, Hurricane Isabel and Hurricane Fabian, the Hokkaido earthquake among them—served to heighten insurers need to purchase greater levels of catastrophe..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Light Cat losses help PXRE
Bermudian reinsurer PXRE benefited in the third quarter from lighter than expected catastrophe losses. Net income rose to $23.7mn, equal to $1.01 a share, compared with $11m for the same period last year. This included realized investment gains of..
Online Published Date:
01 November 2003
Appeared in issue:
0147 - 01 November 2003
Montpelier Re sees further growth
Bermuda-based Montpelier Re expects to see further growth in 2004, but not to the same degree as over the past year, according to chief financial officer Tom Kemp.
Speaking as the company released their nine-month figures, Mr Kemp said that..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Endurance says strong growth sustainable
Bermuda-based Endurance Specialty can “sustain very strong growth” at its current capital level, according to chief financial officer James Kroner in a conference call on November 5. He noted that the renewal rights acquisition was..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Cat bonds
Cat bonds—balancing the market
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Captives
Dublin makes captive push
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Ilium gains capacity
Start-up Lloyd’s managing agent Illium has obtained a further underwriting capacity of £25mn from US-based HCC Insurance Holdings for new syndicate 4040. Provided it obtains formal authorization from the Financial Services Authority, it..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Catlin prepares £800mn flotation
Bermuda-based underwriter Catlin Group is preparing to float on the London stock exchange in a move that would value the business at about £800mn.
Catlin strengthened its balance sheet considerably in 2002 through the completion of a $482mn..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
PMA capital boost ends in resignations
An announcement by Philadelphia-based PMA Capital that it would be boosting its reserves by $150mn to cover its reinsurance operations has led to resignations and legal action. It has also engaged Bank of America to explore strategic..
Online Published Date:
01 November 2003
Appeared in issue:
0147 - 01 November 2003
Hungarian insurers “unprepared”
Hungarian insurers will need an additional Ft17bn if they are to comply with new capital requirements that will come into force when Hungary joins the European Union in May 2004.
The local supervisory authority PSZAF said that the firms would have..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
China needs more capital
The Chinese insurance sector could need to raise up to 30bn yuan if it wishes to achieve adequate capitalization levels, according to ratings agency Standard & Poor’s.
S&P said that over-generous life guarantees and inadequate..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Scor shares battered after rights news
France-based reinsurer Scor saw its share price fall by nearly 25% when CEO Denis Kessler said that the company would be asking shareholders for €600mn in new capital. The price is now back to its 2003 low, reached in March when the general..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Munich Re raises cash to end speculation
The surprise announcement last month by Munich Re that it was going to raise at least €3.8bn in capital—with the avowed aim of regaining a double A financial strength rating with rating agency Standard & Poor’s, has been..
Online Published Date:
01 November 2003
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0147 - 01 November 2003
Quake bond success spurs Taiwan to more issues
Taiwan is considering the issue of more catastrophe bonds following the successful placing of $100mn in earthquake risk earlier this year (AIC
145, September 2003).
The issue, from the Taiwan Residential Earthquake, was 55% oversubscribed. It was..
Online Published Date:
01 November 2003
Appeared in issue:
0147 - 01 November 2003